Category: Economy

March 15 (LBO) – Sri Lanka’s exports grew by 11.2 percent in January led by industrial exports which surged 15.6 percent, the Central Bank said Friday. Tea exports were hit by production shortfalls following the strikes in December, but apparel exports surged 28.1 percent to 221 million dollars. “However, within the agricultural sector, the increase […]

March 14, 2007 (LBO) – Sri Lanka is looking for ways for local government bodies to collect more taxes to as part of the strategy to take economic development to rural areas, the office of the president said Wednesday. President Mahinda Rajapakse had met chairmen of local government bodies yesterday to discuss ways to push […]

March 13, 2007 (LBO) — Sri Lanka has secured a 10.2 million dollar grant from Japan to support the island’s balance of payments, with the funds to be used to import goods and material, the Japanese Embassy said Tuesday.Japan, Sri Lanka’s biggest bi-lateral donor, had disbursed 198.8 million dollars from January to September 2006, according […]

March 09, 2007 (LBO) – In a departure from the usual cry, a top tea exporter in Sri Lanka has called for lower fiscal deficits and economic stability rather than depending on currency depreciation to regain competitiveness lost through fiscally-induced domestic inflation. James Finlay last traded at 143 rupees. Earnings per share on ordinary revenues […]

COLOMBO, March 9, 2007 (AFP) – Sri Lanka’s finance ministry said Friday it was planning action against charities that are using vehicles imported duty-free for tsunami relief operations beyond the agreed tax shelter period.The government had allowed duty-free imports on condition that they would re-shipped once relief work was over, and aid groups wanting to […]

March 02 (LBO) – Sri Lanka’s weak public finances which leave little room for the country to counter shocks and an ongoing war are weighing heavily on its credit rating, Fitch Ratings said.Sri Lanka has a BB- sovereign rating with the outlook downgraded to negative in April 2006 after the conflict intensified, which is now […]

March, 01 (LBO) – Colombo Stock Exchange blacked out foreign trading statistics off automated trading terminals Thursday in a bid to reduce ‘market manipulation and discriminative practices’, the exchange said. “This is not an exercise to hide foreign buying and selling,” Rajeeva Bandaranaike, CSE’s head of marketing told LBO. “It would be shown at the […]

February, 28 (LBO) – Consumer prices in Sri Lanka’s capital Colombo fell 1.3 percent in the month of February easing 12-month inflation to 19.2 percent from 20.5 percent a month ago, the government statistics office said. The Colombo Consumer Price Index, the most widely watched index in the country, fell to 5116 points from 5184 […]

BIYAGAMA, Feb 25, 2007 (AFP) – For some engineers in this Sri Lankan industrial town, making women happy is their main job — they design sexy bras which are comfortable too. Ranil Vitarana is one of hundreds of Sri Lankans developing exotic undergarments for top international brands including Victoria’s Secret, Marks and Spencer and Triumph […]

February, 24 (LBO) – The International Monetary Fund (IMF) has asked Zimbabwe not to print money and called for fundamental policy changes to stabilize its economy as inflation hit 1,600 percent in January, echoing advice given to Sri Lanka not so long ago. But Sri Lanka is trailing way behind Zimbabwe with inflation at only […]

Feb 23 (LBO) – Sri Lanka’s central bank Friday raised its key policy interest rate by 50 basis points to 12.00 percent to dampen rising prices as inflation rose to a record 20.5 percent in January. The bank also said finance, energy and trade ministries have been ordered to co-ordinate their efforts to reduce inflationary […]

Feb 20 (LBO) – South Asian countries including Sri Lanka could make huge gains by freeing up trade in education, health and tourism and lowering other barriers between themselves, a new report by a regional business forum and the World Bank has said. South Asian countries included in the report include Sri Lanka, India, Bangladesh, […]